Damac Properties of Dubai Agrees with Iraq in a Joint Venture

19 Nov 2012

On 17th November, Saturday, Damac Properties, a Dubai-based company announced that it had signed an agreement with an Iraq unit of Housing and Construction Ministry. This is an Iraqi Engineering company known as Al Fao. They signed the joint venture to further improve the Iraqi projects. Basically this joint venture between these two companies had been taken to start the improvement if Iraq’s Ministry of Housing and Construction places.
The deal appears about one month after Damac signed a MoU with the Ministry of Housing and Construction of Iraq. This agreement was occurred at the time of Cityscape Global in Dubai to improve some projects in the surrounding region and Baghdad.
The managing director of Damac Properties, Ziad El Chaar announced that the settlement formalizes their connection with the government of Iraq. He also said that this relationship offered them to take initial step in operating projects in Iraq. According to him this joint venture brings together the experts of Damac Properties and Al Fao General Engineering to enable the fast progress of the country.
Last month, at the time of Cityscape Global, Mohammad Al Darraji, the Housing and Construction Minister of Iraq, expressed that $10.4bn worth projects of infrastructure and construction are supposed to be achieved the upcoming year. He also announced that the ministry has 65 projects, which value equivalent to $3bn under construction.
Damac Properties already gains two land plots in Baghdad. Recently the company is operating on designs and concepts for these regions from its Baghdad offices. According to their statement, the works will be introduced in the close future. Recently the firm is working on projects under improvement in Dubai, Saudi Arabia, Abu Dhabi, Qatar, Jordan, Lebanon and Egypt. El Chaar added that they were surely looking to make larger from their base at the time. And they would look from close at them if the perfect chances to convey added worth are presented. It was their aim to become a top luxury developer not only the Middle East but also in the globe.
It can be expected that the operation on the projects of the Ministry of Housing and Construction will be started in the beginning of the upcoming year. And this will be started after completing a full evaluation of the development and land. The Damac Properties Company has successfully made complete 37 buildings till now with 7,817 units. More than that, it has a more 65 buildings at several stages of develop across the North and Middle East region of Africa.
Source: [Arabian Business]